Healthy HOAs Aren't Cheap - Remarkable Buyer Wisdom
My "first time buyers" know what they want, where they want to live and have a good handle on their financial limits. Their search for a single family residence here in the Upland area of Southern California very quickly revealed that what they wanted was not really what they could afford. Their search turned to the condo market, but went well beyond the normal criteria.... which is the REST Of The Story.
FINDING A PROPERTY THAT APPEALED TO THEM WAS THE EASY PART
They found that they liked the "condo"concept. They were OK with the C.C.& R.s and the amenities. The budget worked. At first, they wanted low HOA dues, but that changed. Here is what they really were looking for:
- A complex that meets FHA criteria. They learned that foreclosures, vacant units and non-owner occupancy ratios would have a bearing on their ability to get financing. If they bought and then should decide to sell in the future, they wanted buyers to be able to get financing too.
- A solvent association with adequate reserves. Again, this would have a bearing on FHA and the ability for the association to maintain the property and handle repairs. They realized that empty units could quickly drain association cash reserves.
- They wanted an association that had not hit the owners with assessments.
- They wanted an association that had not been a party to legal actions.
- They wanted to buy where the individual owners were happy with the way the association was being governed and where the owners were happy with the management company, where communications between association, management company and owners was free flowing.
These are not found in the MLS. Thank heavens for neighbors that are willing to schmooze a little.
The bottom line - They have an offer in and are just awaiting acceptance.
They did find that Healthy HOAs Aren't Cheap but it'll be worth it.
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It's All About YOU! Brad Rachielles, REALTOR, Upland, CA
Brad Rachielles, REALTOR. Helping Inland Empire Buyers and Sellers with their Real Estate needs in the Communities of: Upland, Rancho Cucamonga, Fontana, Claremont, Ontario, Chino, Chino Hills, Pomona and La Verne, CA.
Web Page: http://www.BradRachielles.com